A recent article in a Kiplinger publication touted 20 ways to save on your health insurance bill. Among their suggestions: timing expenses to avoid paying the annual deductible twice; auditing your bills to avoid overcharges; taking a tax deduction where possible; contributing to a Health Spending Account; and many other “ways”. The sad part is they missed the most obvious and most effective way to cut the cost of your health care insurance bill. Think of health insurance as auto insurance. What’s the best way to avoid your auto insurance rates from increasing? Simple…don’t have accidents and maintain your car as prescribed by the car’s manual. Now turn that approach to health insurance. What’s the best way to avoid your health insurance costs from increasing? Simple…same answer as above. By not destroying your body with too much food, drink, drugs, smoking, etc. and by maintaining your body with exercise, good eating habits, avoiding activities that could cause your body to have an “accident”. The Kiplinger article is aimed at solving the problem AFTER THE EXPENSE IS ICURRED. The right solution is to prevent/minimize the possibility of INCURRING THE EXPENSE AT ALL. The “Fixing-after-the-fact” mentality goes back to old saying “closing the barn door after the cows have escaped”. That expression has been around for decades but we seem to have forgotten it.
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